[554Z7 Exercise price of share options]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[554Z7  Exercise price of share options]

[(1)     Subsection (3) applies if—

(a)     the relevant step is a step within section 554B (other than one treated as being taken by section 554L(5), (7) or (9) or 554M(4), (6) or (8)),

(b)     B is a company,

(c)     there is an arrangement (“B's employee share scheme”) under which, in respect of A's employment with B, a right (“a relevant share option”) may be granted to A—

(i)     to acquire relevant shares, or

(ii)     to receive a sum of money the amount of which is to be determined by reference to the market value of any relevant shares at the time the sum is to be paid,

(d)     in order to exercise the relevant share option so as—

(i)     to acquire the relevant shares, or

(ii)     to receive the sum of money,

A would, under the terms of the option, have to pay a sum of money the amount of which can be determined at the time of the grant of the option,

(e)     the subject of the relevant step is relevant shares (“earmarked shares”) which

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